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Grocery Store

Needler's Fresh Market | NNN Grocery Store

5802 US-52, New Palestine, IN 46163

Listing Price: $6,700,000

Cap Rate
6.09%
Tenant Name
Needler's Fresh Market
Years Remaining On Lease
4.2
Gross SF
21,778
Guarantor
Corporate Guarantee
Rentable SF
21,778
Price/Gross SF
$307.65
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$18.73

Investment Overview

The subject offering is a single-tenant, triple-net leased Needlers Fresh Market Grocery store located in New Palestine, Indiana, within the Indianapolis metropolitan area. Constructed in 2005, the Needlers Fresh Market is 21,778 square foot building situated on 3.27 acres along United States Highway 52. The current lease offers over 4 years remaining on a 20-year original lease term in addition to four, five-year renewal options. The rent at the property is low and the tenant has not had a rental increase since the property was built in 2005. With the low rent, this increases the chances that the tenant will exercise their option when the term is set to expire. The absolute triple-net lease structure requires zero landlord responsibilities as the tenant is responsible for all maintenance requirements of the premises.

New Palestine is a regional hub for nearby residents with the subject serving as the only grocery store in the city as well as the only grocery store within a seven-mile radius of the community. United States Highway 52 is New Palestines Main Street commercial corridor with CVS Pharmacy, Fifth Third Bank, Ace Hardware, NAPA Auto Parts and New Palestine Elementary, Middle and High Schools. Interstate 465, the Indianapolis beltway, is seven miles northwest of the property.

Generative Growth is located in Findlay, Ohio and owns 25 supermarkets in Ohio, Indiana and Kentucky. All Generative Growth locations are managed by Fresh Encounter, Inc., another Findlay based company. Fresh Encounter, Inc. is a supermarket management company founded in 1995 by Michael S. Needler and the late Susan Cheek Needler and currently manages 59 retail locations under a variety of banners, including Needlers Fresh Market, Chief Supermarkets, Community Markets, King Saver, Great Scot, Remke Markets, and Sack N Save.

Please do not disturb tenant.

Investment Highlights

  • Corporate NNN Lease
  • Only Grocery Store Within Seven-Mile Trade Area
  • Necessity-Based Retailer in Main Commercial Corridor
  • Grocery Stores are One of the Strongest Preforming Businesses During Covid
  • Average Household Income of $96,673
  • 2005 Construction on 3.27 Acres

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Grocery Store

Needler's Fresh Market | NNN Grocery Store

Listing Price: $6,700,000

Cap Rate
6.09%
Tenant Name
Needler's Fresh Market
Years Remaining On Lease
4.2
Gross SF
21,778
Guarantor
Corporate Guarantee
Rentable SF
21,778
Price/Gross SF
$307.65
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$18.73

Investment Highlights

  • Corporate NNN Lease
  • Only Grocery Store Within Seven-Mile Trade Area
  • Necessity-Based Retailer in Main Commercial Corridor
  • Grocery Stores are One of the Strongest Preforming Businesses During Covid
  • Average Household Income of $96,673
  • 2005 Construction on 3.27 Acres

Investment Overview

The subject offering is a single-tenant, triple-net leased Needlers Fresh Market Grocery store located in New Palestine, Indiana, within the Indianapolis metropolitan area. Constructed in 2005, the Needlers Fresh Market is 21,778 square foot building situated on 3.27 acres along United States Highway 52. The current lease offers over 4 years remaining on a 20-year original lease term in addition to four, five-year renewal options. The rent at the property is low and the tenant has not had a rental increase since the property was built in 2005. With the low rent, this increases the chances that the tenant will exercise their option when the term is set to expire. The absolute triple-net lease structure requires zero landlord responsibilities as the tenant is responsible for all maintenance requirements of the premises.

New Palestine is a regional hub for nearby residents with the subject serving as the only grocery store in the city as well as the only grocery store within a seven-mile radius of the community. United States Highway 52 is New Palestines Main Street commercial corridor with CVS Pharmacy, Fifth Third Bank, Ace Hardware, NAPA Auto Parts and New Palestine Elementary, Middle and High Schools. Interstate 465, the Indianapolis beltway, is seven miles northwest of the property.

Generative Growth is located in Findlay, Ohio and owns 25 supermarkets in Ohio, Indiana and Kentucky. All Generative Growth locations are managed by Fresh Encounter, Inc., another Findlay based company. Fresh Encounter, Inc. is a supermarket management company founded in 1995 by Michael S. Needler and the late Susan Cheek Needler and currently manages 59 retail locations under a variety of banners, including Needlers Fresh Market, Chief Supermarkets, Community Markets, King Saver, Great Scot, Remke Markets, and Sack N Save.

Please do not disturb tenant.

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/Regional Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

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